Transnistria Dreams Of Bitcoin Mining, Its Govt Wants To Build Farm

The tiny unrecognized republic of Transnistria is looking to use its cheap electricity to support Bitcoin mining via a government-backed farm.

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The tiny unrecognized republic of Transnistria is the latest jurisdiction to announce it wants to join the Bitcoin mining race.

The breakaway segment of Moldova, which unofficially declared independence in the 1990s and has received support from Russia since, is looking to capitalize on cheap electricity costs.

Laws are “already in place” to facilitate wholesale cryptocurrency creation, according to Russian news outlet Lenta.

“The Transnistrian government is already talking about how they are fourth in Europe in terms of internet speed and penetration, they have very cheap electricity and this is one of the key factors supporting the creation of a mining farm,” the founder of major export conglomerate Russkiy Eksport Igor Chayka told the publication.

The tiny state sandwiched between Moldova and Ukraine has a population of around 500,000, with electricity around $0.03 per kilowatt hour.

Authorities will likely have keenly eyed Russia’s own decision to conquer the Bitcoin mining market, leveraging its own spare power capacity and creating a state-sponsored outfit to take over a reported 30 percent of total output.

“In Transnistria, there are movements in terms of partnerships in the information technology sphere, which include Blockchain and cryptocurrencies,” Chayka added without giving specific details.

Neighboring Ukraine has recently taken an altogether more hostile view of virtual currencies meanwhile, refusing to recognize it as a means of payment.